eCapital sp. z o.o., owned by Michał Lach, is investing PLN 4.6 million in the development of NanoGroup. This will be another agreement with this investor, in addition to the one concluded in March this year for the amount of PLN 5.1 million.
On September 9, NanoGroup announced that eCapital, owned by Michał Lach, one of NanoGroup’s main investors, plans to acquire another block of shares, this time worth a total of PLN 4.6 million. The funds are to be paid into the company’s account by the end of September. Currently, Michał Lach and entities representing him hold 12.55 percent of shares in the group, the most of all investors.
– The trust of the main investor, who will soon take over another block of shares without a discount, is the best proof that our business model works and investing in biotechnology pays off. This is an important signal for the market, and for us the funds needed for further intensive development – says Przemysław Mazurek, President of the Management Board of NanoGroup S.A. – We do not often witness a situation where a leading investor decides to increase its involvement despite the ongoing investment agreement – he adds.
As Przemysław Mazurek emphasises, an extraordinary general meeting will be convened soon, the agenda of which will include an item related to the increase in share capital and a new share issue in order to accept the offer submitted by the investor, and the issue price will be set by the management board at PLN 3.50 per share.
Let us recall that on March 26 this year, NanoGroup announced the conclusion of an investment agreement with eCapital for the amount of PLN 5.1 million for the implementation of the NanOX system project for the perfusion of organs collected for transplantation. Under the contract, nearly PLN 2 million has been paid so far for the implementation of two of the six milestones, including the most important one, which was the successful autotransplantation of a pig kidney. The remaining payments are planned for the following months as part of the implemented terms of the agreement.
These newly acquired funds are also to be used for the development of the NanOX system, specifically for the acceleration of the development of a device for storing and monitoring the viability of organs in extracorporeal conditions and NanOX perfusion fluid. In addition, they will be used as an own contribution necessary to submit an application for funding from the European Funds for Modern Economy 2021-2027 program and to finance new projects.
The announcement of an increase in the group’s capital is another piece of good news for NanoGroup S.A. this year. The company secured financing until the end of 2024 in the first quarter, and thanks to the implementation of subsequent milestones, it is regaining investor confidence, as evidenced by a 300% increase in the value of its shares.
